Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Topo grupe, the company managing the retail chain of household appliances and electronics, intends to dismiss 59 employees in Kaunas. Such information was provided by the Lithuanian Employment Service. The number of employees in the company will decrease from 459 to 400. The main cause of the dismissals is the quarantine regime in Lithuania. To control the spread of coronavirus (COVID-19), the Lithuanian Government declared quarantine on the entire territory of the Republic of Lithuania as of 16 March 2020. According to the management, the company had to temporarily close all 38 stores in 20 Lithuanian cities, following the announcement of the quarantine in Lithuania. Due to this reason, the company's sales have fallen by 80%.
Topo grupe belongs to Euronics international group and it manages the retail chain of household appliances and electronics under the brands Topo centras and Euronics in Lithuania.
Eurofound (2020), Topo grupė, Internal restructuring in Lithuania, factsheet number 100346, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/100346.